correspondent bank


correspondent bank
A bank that serves as a depository and provides banking services for another bank. American Banker Glossary
————
Bank that accepts deposits of, and performs services for, another bank (called a respondent bank); in most cases, the two banks are in different cities. Bloomberg Financial Dictionary

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Ⅰ.
correspondent bank UK US noun [C] (also correspondent) BANKING
a bank that does work for a bank in another place, usually in another country: »

The use of a correspondent bank facilitates the transfer of funds abroad.

correspondent banking noun [U]
»

These principles apply in all correspondent banking arrangements.

Ⅱ.
correspondent banking UK US noun [U] BANKING
the act of a small foreign bank using a larger local bank to do its business in places where it has no office: »

An offshore affiliate of Argentina's Banco Republica had a 10-year correspondent banking relationship with Citibank in New York.

»

Correspondent banking is the most common means of making international payments.


Financial and business terms. 2012.

Look at other dictionaries:

  • Correspondent Bank — A financial institution that provides services on behalf of another, equal or unequal, financial institution. A correspondent bank can conduct business transactions, accept deposits and gather documents on behalf of the other financial… …   Investment dictionary

  • correspondent bank — correspondent banking. a bank that performs services for one or more other banks. [1960 65] * * * …   Universalium

  • correspondent bank — correspondent banking. a bank that performs services for one or more other banks. [1960 65] …   Useful english dictionary

  • correspondent bank — A bank in a foreign country that offers banking facilities to the customers of a bank in another country. These arrangements are usually the result of agreements, often reciprocal, between the two banks. The most frequent correspondent banking… …   Accounting dictionary

  • correspondent bank — A bank in a foreign country that offers banking facilities to the customers of a bank in another country. These arrangements are usually the result of agreements, often reciprocal, between the two banks. The most frequent correspondent banking… …   Big dictionary of business and management

  • correspondent bank — /ˌkɒrɪ spɒndənt bæŋk/ noun a bank which acts as an agent for a foreign bank …   Dictionary of banking and finance

  • Correspondent bank —   A foreign bank with whom you have an account relationship …   International financial encyclopaedia

  • Receiver's correspondent bank —   The bank on the receiving side servicing a transfer message …   International financial encyclopaedia

  • Sender's correspondent bank —   A bank on the sending side having an account …   International financial encyclopaedia

  • correspondent banking — Ⅰ. correspondent bank UK US noun [C] (also correspondent) BANKING ► a bank that does work for a bank in another place, usually in another country: »The use of a correspondent bank facilitates the transfer of funds abroad. correspondent banking… …   Financial and business terms